Price Cap May Push Payday Lenders to Quit, FCA Chief Says

Martin Wheatley, Chief Executive Officer of the U.K.’s Financial Conduct Authority, said lenders of short-term credit to U.K. consumers may quit the business in the wake of stricter regulation next year.

When asked by BBC Radio 4 today whether no payday lender might be left, he said “that may be the case.” He added that “there will be a few but much less than today. Even if we had a dozen left in the industry, that wouldn’t be a bad thing.”